SK Telecom, Hyundai Motor Company, Hanwha Asset Management, and Element AI will create a joint fund to invest in startups with innovative technology, the companies said.
Called the AI Alliance Fund, South Korea's largest mobile carrier and the country's biggest car maker, along with Hanwha, will put in $45 million to invest in startups working in AI, smart mobility, and fintech in Europe, Israel, and the US.
Element AI, an AI solutions provider founded by AI authority professor Yoshua Bengio of Montreal University, will be the fund's AI advisor. It will leverage the research group's expertise and global network to find promising startups.
SK Telecom said it hoped the startups will ultimately improve business for the companies involved.
Hyundai also opened its innovation hub, called Cradle, in Silicon Valley this week, which will strengthen the company's core automotive business and "expand into new and adjacent markets with the goal of enhancing transportation on and off the road", it said.
The car maker is also collaborating with Cisco to launch connected cars and working with Kakao to put the latter's AI platform Kakao I into its cars for speech recognition services.
PREVIOUS AND RELATED COVERAGE
SK Telecom will link LTE Cat-M1 with its LoRa network to allow new competitive IoT applications.
Kakao will cooperate with Hyundai Motor and Kia Motors to apply server-based speech recognition technology in cars using the firm's artificial intelligence (AI) platform, Kakao I.
SK Telecom has successfully tested its 5G network on a connected car running at 170 kilometers per hour, reaching 3.6Gbps data transfer speeds.
Only 10% of workers agree that AI threatens their jobs today, but many more are concerned for their children's jobs, according to a new Genpact report.
How 68% of consumers are already using AI without knowing it (TechRepublic)
According to Deloitte research, smartphone users are regularly leveraging artificial intelligence and machine learning, which could make the technologies easier to market.